4639 Harcourt Rd · Baltimore, MD 21214

$189,900

4 bd · 1.5 ba · 1,280 sqft · Townhouse public records · 13 Days on market

Built 1940 3,450 sqft lot Est $225k · 16% under

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +22.4/30.0
• ARV discount +14.6/15.0
• DSCR +7.2/10.0
• 1% rule +6.4/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

House in move-in condition, full basement with flush. Beautiful hardwood floors, newer windows, white kitchen with all appliances. Breakfast bar between dining room & kitchen. 1 car detached garage, big deck and covered front porch. Open 10/5 1-3

Key facts

• Hardwood flooring
• Large rear deck
• Detached garage

Tags

• LARGE REAR DECK
• DETACHED GARAGE
• HARDWOOD FLOORING

Property features AI

Exterior

• Parking: Detached garage (1 space); On-street parking
• Utilities: Public water; Public sewer; Natural gas for heat and hot water
• Home design: Semi-detached property; Fee simple ownership
• Construction: Brick construction; Block foundation; Above-grade and below-grade structures
• Exterior features: No tidal water

Interior

• Bedrooms: Three bedrooms on the main upper level; One bedroom on the lower level
• Bathrooms: One full bathroom (upper level); One half bathroom (lower level)
• Heating & cooling: Radiator heat; Natural gas heating and hot water
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath townhouse listed at $190k.

Deal economics

• At list price, monthly cash flow is $316 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Cap rate 8.3% vs local median 6.0% in Baltimore — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 76/100 on livability (#90 in MD, #3,396 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: schools D, crime F.
• Baltimore City Public Schools (urban): math 7% / reading 16% proficiency, ranked #24 of 24 in MD (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 96 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• This rent runs 30% of the median local income ($86k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Baltimore County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 29y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $189,900

Questions for the listing agent

1. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.14% ✓
• Cap rate: 8.29%
• Cash-on-cash: 7.14%
• DSCR: 1.32
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $225,280
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4604 Arabia Ave	0.20mi	3/2.0 (-1)	1,296 (+1%)	3mo	$228,000	$176	79
4009 Belwood Ave	0.48mi	4/2.0	1,300 (+2%)	3mo	$267,000	$205	71
5026 Edgar Ter	0.39mi	3/2.0 (-1)	1,200 (-6%)	5mo	$245,000	$204	60
4235 Seidel Ave	0.73mi	3/1.5 (-1)	1,280 (0%)	2mo	$91,000	$71	60
4114 Moravia Rd	0.47mi	3/1.0 (-1)	1,390 (+9%)	2mo	$169,990	$122	55
2909 Markley Ave	0.48mi	3/1.5 (-1)	1,152 (-10%)	2mo	$215,000	$187	54
2911 Markley Ave	0.48mi	3/1.5 (-1)	1,152 (-10%)	3mo	$214,000	$186	54
2917 Markley Ave	0.46mi	3/1.0 (-1)	1,152 (-10%)	7mo	$120,000	$104	49
5421 Belle Vista Ave	0.69mi	3/2.0 (-1)	1,320 (+3%)	8mo	$235,000	$178	49
5414 Belair Rd	0.69mi	3/3.0 (-1)	1,352 (+6%)	1mo	$218,900	$162	46
4024 Eierman Ave	0.64mi	3/2.0 (-1)	1,136 (-11%)	7mo	$75,000	$66	38
4301 Seidel Ave	0.75mi	5/2.0 (+1)	1,116 (-13%)	3mo	$125,000	$112	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -5.3%
• Equity multiple: 0.80×
• Total profit: $-10,549
• Equity at exit: $28,315

10-year hold

• IRR: 4.4%
• Equity multiple: 1.32×
• Total profit: $17,087
• Equity at exit: $16,419

Cash invested: $53,172 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 12 Strongly Tenant-Friendly
• State Maryland: 27 Tenant-Leaning · D+14
• County: — inherits STATE
• City Baltimore: 12 Strongly Tenant-Friendly · D+58

Just-cause for tenancies > 1 yr.

Methodology + full state rankings →

ZIP-level market 21214

• Active inventory: 96
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,167 high
• Mortgage (P&I): −$996
• Tax from tax record: −$321 /mo · $3,847/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$455
• Net cashflow: $316

Break-even live

Break-even rent $1,766

Max offer price $189,900

Occupancy floor 80%

Sensitivity live

Price	-10% $424	-5% $370	+0% $316	+5% $262	+10% $209
Rent	-10% $145	-5% $231	+0% $316	+5% $402	+10% $487
Rate	-1.0pp $412	-0.5pp $365	base $316	+0.5pp $267	+1.0pp $217

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3514 Ailsa Ave Baltimore, MD	3.0	2.0	1800	$2,200	$1.22	44d	1	0.34mi
3802 Biddison Ln Baltimore, MD	4.0	1.5	1443	$2,024	$1.40	12d	1	0.42mi
4104 Parkwood Ave Baltimore, MD	3.0	1.0	1224	$2,800	$2.29	24d	1	0.50mi
4023 Belwood Ave Baltimore, MD	3.0	1.0	1080	$1,995	$1.85	44d	1	0.50mi
2911 Shirey Ave Baltimore, MD	4.0	2.0	1680	$2,500	$1.49	21d	1	0.59mi
3721 Frankford Ave Baltimore, MD	3.0	2.0	1600	$2,050	$1.28	44d	1	0.59mi
4024 Eierman Ave Baltimore, MD	3.0	2.0	1136	$1,825	$1.61	44d	1	0.62mi
2807 Shirey Ave Baltimore, MD	4.0	3.0	1190	$2,500	$2.10	15d	1	0.63mi
2900 Ailsa Ave Apt 2 Baltimore, MD	3.0	1.0	1300	$1,750	$1.35	5d	1	0.64mi
4718 Blue Ridge Ave Baltimore, MD	4.0	3.0	1744	$2,400	$1.38	12d	1	0.67mi
4400 Asbury Ave Baltimore, MD	3.0	2.0	1270	$1,995	$1.57	5d	1	0.70mi
4320 Sheldon Ave Baltimore, MD	3.0	1.5	1280	$1,800	$1.41	24d	1	0.82mi
5632 Belair Rd Baltimore, MD	3.0	1.5	1260	$2,100	$1.67	24d	1	0.95mi
2735 Chesterfield Ave Baltimore, MD	3.0	2.5	1536	$2,000	$1.30	11d	1	0.97mi
2805 Hamilton Ave Baltimore, MD	4.0	2.0	1416	$2,300	$1.62	44d	1	1.03mi
2848 Pelham Ave Baltimore, MD	3.0	2.0	1164	$1,700	$1.46	44d	1	1.03mi
2817 Pelham Ave Baltimore, MD	3.0	2.0	1464	$1,950	$1.33	24d	1	1.04mi
2837 Pelham Ave Baltimore, MD	4.0	2.0	1164	$1,675	$1.44	44d	1	1.05mi
3515 Parklawn Ave Baltimore, MD	3.0	2.0	1240	$1,700	$1.37	3d	1	1.07mi
3300 Dudley Ave Baltimore, MD	4.0	2.0	1724	$2,200	$1.28	44d	1	1.08mi
3305 Dudley Ave Baltimore, MD	3.0	2.0	1413	$1,950	$1.38	44d	1	1.10mi
4901 Gunther Ave Baltimore, MD	1.0–3.0	1.0–2.0	742	$1,463	$1.97	3d	1	1.16mi
2828 Lake Ave Baltimore, MD	3.0	2.0	1164	$1,850	$1.59	5d	1	1.17mi
3551 Shannon Dr Baltimore, MD	3.0	2.0	1485	$2,358	$1.59	24d	1	1.22mi
3573 Shannon Dr Baltimore, MD	4.0	2.0	1493	$2,300	$1.54	18d	1	1.26mi
2028 Hillenwood Rd Baltimore, MD	4.0	2.0	1820	$2,100	$1.15	22d	1	1.30mi
4111 Century Rd Baltimore, MD	3.0	1.5	1432	$2,500	$1.75	44d	1	1.31mi
4924 Frankford Ave Baltimore, MD	4.0	2.0	1176	$2,600	$2.21	24d	1	1.31mi
3203 Clarence Ave Baltimore, MD	5.0	1.0	1388	$1,865	$1.34	44d	1	1.31mi
3544 Chesterfield Ave Baltimore, MD	3.0	1.5	1200	$1,635	$1.36	44d	1	1.32mi
1804 Winford Rd Baltimore, MD	3.0	1.5	1600	$2,100	$1.31	24d	1	1.38mi
5305 Moravia Rd Baltimore, MD	3.0	1.0	679	$1,993	$2.93	3d	1	1.39mi
3519 Kentucky Ave Baltimore, MD	3.0	2.0	1536	$2,100	$1.37	11d	1	1.41mi
3525 Kentucky Ave Baltimore, MD	3.0	1.5	1536	$1,950	$1.27	44d	1	1.42mi
1617 Argonne Dr Baltimore, MD	4.0	2.0	1200	$2,550	$2.12	44d	1	1.43mi
1545 E Cold Spring Ln Baltimore, MD	4.0	2.0	1240	$2,000	$1.61	44d	1	1.46mi
2804 Christopher Ave Baltimore, MD	3.0	2.5	1280	$2,200	$1.72	24d	1	1.46mi
5781 Edgepark Rd Baltimore, MD	3.0	2.0	1568	$1,975	$1.26	17d	1	1.47mi
1539 Ralworth Rd Baltimore, MD	3.0	2.0	1580	$1,950	$1.23	15d	1	1.48mi
1908 E Belvedere Ave Baltimore, MD	4.0	2.0	1425	$1,950	$1.37	20d	1	1.49mi

Listing history 19 events

1. 2026-06-16
   days on market $189,900 Active 13 DOM
2. 2026-06-15
   days on market $189,900 Active 12 DOM
3. 2026-06-13
   days on market $189,900 Active 10 DOM
4. 2026-06-04
   days on market $189,900 Active 6 DOM
5. 2026-06-03
   days on market $189,900 Active 5 DOM
6. 2026-06-02
   days on market $189,900 Active 4 DOM
7. 2026-06-01
   days on market $189,900 Active 3 DOM
8. 2026-05-31
   days on market $189,900 Active 2 DOM
9. 2026-05-29
   listed $189,900 Active
10. 2008-11-13
    soldstatus $184,000
11. 2008-11-11
    soldstatus $184,000 Sold 252-char remark

    Show marketing remark (252 chars)

    House in move-in condition, full basement with flush. Beautiful hardwood floors, newer windows, white kitchen with all appliances. Breakfast bar between dining room & kitchen. 1 car detached garage, big deck and covered front porch. Open 10/5 1-3

12. 2008-10-16
    historical 252-char remark

    Show marketing remark (252 chars)

    House in move-in condition, full basement with flush. Beautiful hardwood floors, newer windows, white kitchen with all appliances. Breakfast bar between dining room & kitchen. 1 car detached garage, big deck and covered front porch. Open 10/5 1-3

13. 2008-09-09
    listed $199,000 252-char remark

    Show marketing remark (252 chars)

    House in move-in condition, full basement with flush. Beautiful hardwood floors, newer windows, white kitchen with all appliances. Breakfast bar between dining room & kitchen. 1 car detached garage, big deck and covered front porch. Open 10/5 1-3

14. 1998-11-05
    soldstatus $73,440
15. 1998-09-18
    soldstatus $73,440
16. 1998-09-02
    historical
17. 1998-03-12
    listed $76,500
18. 1998-03-03
    historical
19. 1997-04-11
    listed

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MD · Partial reset (capped growth)

• Current annual tax: $3,847 · $321/mo
• Projected year-2 tax: $3,847 · $321/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥103°F today · 14 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,001
• − Mortgage interest: −$10,637
• − Property taxes: −$3,847
• − Insurance: −$950
• − Repairs & maintenance: −$2,080
• − Management: −$2,080
• − Depreciation: −$5,524
• Taxable income: $883
• Est. tax owed @ 24.0%: −$212
• After-tax cash flow: $3,583/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Baltimore City Public Schools
• NCES district ID: 2400090
• Math proficiency: 7% ▼ -9.00%
• Reading proficiency: 16% ▼ -5.00%
• Median HH income: $42,108
• Composite: 10.08/100
• National rank: #9805
• State rank: #24 of 24 in MD

Livability — Baltimore

• Score: 76/100
• State rank: #90
• US rank: #3396

Category grades

Amenities A+ Commute A+ Cost of living A- Crime F Employment C Housing A+ Health & safety A+ User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Baltimore, MD
• County: Baltimore City · 558,601 people
• City population: 588,727
• Metro: Baltimore-Columbia-Towson, MD
• Population (ZIP): 21,092
• Household income: $86,366
• Rent vs Own: 21.4% rent · 78.6% own
• Severe rent burden: 432.0

Population outlook (Baltimore County) Hauer SSP2

• Today (2025): 624,249 people
• By 2030: 621,541 · -0.4%
• By 2040: 609,756 · -2.3%
• By 2050: 597,249 · -4.3%
• By 2075: 552,236 · -11.5%
• By 2100: 513,934 · -17.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: Black 58% White 33% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Romanian 3% Italian 1% Lithuanian 1%
• Foreign-born: 7% · Canada
• Languages at home: 93% English-only · Spanish 3% French/Haitian/Cajun 1%

Political lean MEDSL · Baltimore

• 2024 margin: Solid D (+73.0) · D 85.2% · R 12.2% · Other 2.6%
• 2008→2024 swing: -2.5pp toward R · 2008: 75.5pp · 2024: 73.0pp
• All cycles: 2024: D+73.0 2020: D+76.6 2016: D+74.6 2012: D+76.4 2008: D+75.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -211.52%
• Current HPI: 310.5637
• Rent YoY: —
• Metro: Baltimore-Columbia-Towson, MD
• State GDP YoY: ▲ 2.97%
• F500 in state: 12

Industry mix (Fortune 500 HQ in MD)

Industry	F500 HQs	Revenue
▸Aerospace / Defense	1	$71B
▸Utilities	1	$25B
▸Hotels	1	$24B
▸Consumer Goods	1	$7B
▸Real Estate	1	$6B
▸Chemicals	1	$2B

Price history

+148.2% since first listed

11 events — show timeline

• 2026-05-29 Listed $189,900 BRIGHT MLS
• 2008-11-13 Sold (Public Records) $184,000 Public Records
• 2008-11-11 Sold (MLS) $184,000 MRIS
• 2008-10-16 Delisted — MRIS
• 2008-09-09 Listed $199,000 MRIS
• 1998-11-05 Sold (Public Records) $73,440 Public Records
• 1998-09-18 Sold (MLS) $73,440 MRIS
• 1998-09-02 Delisted — MRIS
• 1998-03-12 Listed $76,500 MRIS
• 1998-03-03 Delisted — MRIS
• 1997-04-11 Listed — MRIS